Another Legal Step in Detroit's Bankruptcy

By AP&nbsp|&nbsp

Posted: Tue 7:45 AM, Aug 12, 2014

Attorneys representing the city and its creditors are expected to appear in court to discuss the confirmation process for Detroit's debt restructuring ahead of next week's bankruptcy trial. A status conference is scheduled to begin at 9 a.m. Tuesday in federal court in Detroit. Deadlines and hearing dates also will be discussed. Detroit is the largest U.S. city to enter bankruptcy. The trial to determine if Detroit gets out of bankruptcy is scheduled to start Aug. 21. The city's plan to erase or greatly reduce $18 billion in debt has been approved by many creditors, including thousands of retirees. But nothing will happen unless the judge finds that the overall strategy is fair and feasible. The greatest resistance is coming from bond insurers who stand to lose millions.

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